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CBI chief warns that CEOs risk being treated as ‘aliens’ over pay

Top executives “risk being treated as aliens” by politicians and the public because their pay is so out of step with that of the population at large, the head of the UK’s largest business organisation has warned

Accounting tools under investigation by SEC

The US financial regulator has launched an investigation into accounting tools used by Wall Street firms designed to mask heavy losses

Gordon Brown tops list of Scotland’s most authoritative people

The prime minister has topped an authoritative league table ranking some of Scotland’s most powerful people according to their influence in politics, the media and industry, with three CAs named in the top 40

Treasury MPs call for audit overhaul

The House of Commons Treasury Committee says current audit processes are resulting in a “tunnel vision” picture for shareholders and investors, with the bigger picture “lost in a sea of detail”

Professional negligence claims against accountants jump

Last year saw more professional negligence claims made against accounting firms than in the previous four years put together, according to City law firm Reynolds Porter Chamberlain (RPC)

RBS fined £28.6m for disclosing pricing information to competitor

The Royal Bank of Scotland (RBS) has agreed to pay a fine of £28.59m after admitting breaches of competition law between October 2007 and February or March 2008. The fine was reduced from £33.6m to reflect RBS's admission and agreement to co-operate

CBI says we can no longer ring-fence key services

Richard Lambert, director-general of the CBI, said yesterday that the incoming government at Westminster could no longer afford to ring-fence key services if it was serious about cutting the public debt

Half of calls to HMRC 'not answered'

More than 40 per cent of calls to HM Revenue and Customs last year were not answered, despite a drive to get taxpayers to use the telephone, according to a report by the House of Commons Public Accounts Committee (PAC)

Budget 2010: Darling sets stage for general election

Chancellor Alistair Darling’s Budget has set the stage for the expected May 6 general election, by insisting that the Labour Government had made the “right calls” to steer the country out of recession and that it could be trusted to deliver future growth

Budget 2010: Chancellor ratchets up war on tax avoidance

The Government's stated crackdown on tax avoidance and evasion has been reflected by a raft of measures announced in the Budget

Budget 2010: The key points

Here are the key announcements from Chancellor Alistair Darling's 2010 Budget, the last one before the general election

No ‘giveaways’ in pre-election Budget

Chancellor Alistair Darling is preparing to deliver his third budget, the last before the general election

E&Y challenges Lehman allegations

Ernst & Young has challenged allegations made over its handling of the Lehman audit in a letter sent by US partners to client audit committees

PwC seek enhanced regulation following Globespan airline collapse

Plans to bring merchant acquiring companies under the umbrella of the Financial Services Authority should be accelerated, say Globespan’s joint administrators from PricewaterhouseCoopers

Darling expected to target offshore tax evasion

Chancellor Alistair Darling is expected to announce punitive fines for taxpayers who hide money offshore in tomorrow’s Budget, in a move designed to protect at least £1bn of revenue under threat from evasion schemes

Accountant admits giving false and misleading information

Ian Storey, a member of the ICAEW, has been struck off for eight years by the Accountancy and Actuarial Discipline Board (AADB) following an investigation into accounting irregularities at software company iSoft Group, where he was financial controller

Small firms need access to finance and an incentive to invest

Access to finance, together with a stable, business-friendly tax system, are key concerns for small firms in tomorrow’s Budget, according to PricewaterhouseCoopers LLP (PwC)

ICAS calls on Chancellor to adhere to tax principles

The Institute of Chartered Accountants of Scotland (ICAS) is calling on the Chancellor of the Exchequer to maintain the integrity of the tax system, in spite of the severe financial and political pressures he faces in preparing to deliver his Budget this Wednesday

Economic recovery will be slow and sluggish, says CBI

The recovery in the UK economy is expected to remain sluggish during 2010, and will not pick up much pace until the middle of next year, according to the CBI

Ineffective corporate reporting could drive potential investors away, says PwC report

A new report by PricewaterhouseCoopers (PwC) highlights how the vast majority of companies are not reporting clear enough information to enable investors, suppliers and customers to understand their business activities and prospects

More competition needed in banking sector

The Scottish Parliament's Economy Energy and Tourism Committee says greater diversity and more competition in banking is urgently needed in Scotland to meet the present and future needs of our economy

Institute of Directors says public sector is wasting £25bn a year

The public sector wastes at least £25bn a year because of a failure to reform outdated procurement and outsourcing practices, according to the Institute of Directors (IoD)

IASB seeks nominations for membership of the IFRS for SMEs Implementation Group

The Trustees of the International Accounting Standards Committee Foundation have invited nominations of suitable candidates for membership of the SME Implementation Group (SMEIG)

FSA chairman calls for tools to control asset bubbles

Lord Turner, chairman of the Financial Services Authority (FSA) has called for regulators to have new powers to control lending practices in targeted financial sectors and products to allow them to manage credit and asset price instability

Financial services contributes to fall in public sector jobs

Jobs shed by nationalised banks accounted for the majority of around 10,000 public-sector jobs that have been axed in Scotland over the last year, according to the Scottish Government’s survey of public sector employment in from Q1 2009 to Q4 2009

Doctors warned over medical tax amnesty

Doctors and consultants who receive a letter from HM Revenue & Customs (HMRC) about the Tax Health Plan – its amnesty for medics – should act fast, according to PKF

Tweedie allays EU fair value concerns

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), has sought to allay European concerns on its new fair-value rule

HSBC sees growth of 234% in UK plc by 2012

Signs of a prosperous recovery are set to become enhanced as businesses in the UK confirm they are expecting growth of 234 per cent over the next two years, according to HSBC Commercial Banking

KPMG place spotlight on forthcoming M&A activity

Slow but steady international economic recovery, sterling’s performance against the Euro and the tentative re-opening of the IPO market, will all continue to be positive factors towards a recovery in UK mergers and acquisitions activity, according to transaction experts at KPMG

FRC to ask E&Y about Lehman transactions

The Financial Reporting Council (FRC) has said it will investigate the accounting treatment of the Repo transactions which are at the centre of professional negligence claims directed at Ernst & Young and their audit of collapsed investment bank Lehman Brothers

IAESB seeks feedback on redefining audit role

New international guidance is being considered by the International Accounting Education Standards Board (IAESB), chaired by ICAS education director Mark Allison, which could redefine the characteristics of an “audit professional”

CFOs plan to hire more accountants

Nearly half of chief financial officers have said they feel confident about increased economic prospects for their companies in the next six months, and job prospect for accountants are also looking up

Searching for Rising Stars

CA Magazine is looking for nominations for the rising stars of the profession in 2010

E&Y could face legal action over Lehman's

Ernst & Young could face paying out additional damages to Lehman’s creditors or other parties if they can prove that the global banking firm’s losses could have been avoided had its auditors “adhered to professional accounting standards”

Graduate recruitment expected to rebound in 2010

Graduate recruitment by the financial sector is expected to bounce back strongly this year, as recruiters across the private sector respond to economic recovery by increasing their intake

Online accounting apps released for iPhone and Blackberry

An online accountancy software provider, FinancialForce.com, has launched financial ‘cloud computing’ applications for both the Apple iPhone and Blackberry

Lehman report criticises executives and Ernst & Young

A report into the collapse of Lehman Brothers has criticised senior executives and its auditor Ernst & Young for serious lapses and using accounting gimmicks that led to the firm's collapse

FSA vows to 'get tough' on mis-selling

Hector Sants, the head of the Financial Services Authority (FSA), is to announce plans for the regulator to toughen up protection for consumers over financial products

HSBC admits data theft of 24,000 clients in Switzerland

A former employee of HSBC stole the details of 24,000 clients from a branch in Switzerland, in a data theft for which the bank apologised on Thursday

Stage set for ‘phoney’ Budget and General Election

Prime minister Gordon Brown has confirmed that the Budget will be held in two weeks' time, on 24 March, six weeks ahead of the expected election date of 6 May

Former ICAS audit committee chairman to join board at RBS

Brendan Nelson CA, global chairman of KPMG’s financial services practice and vice-chairman of its UK board and a former chairman of the ICAS audit committee, has been appointed non-executive director at RBS

NAPF outlines steps to save workplace pensions

In his inaugural address to the National Association of Pension Funds’ Investment Conference as Investment Council Chairman, Ray Martin has set out the six steps politicians must take to fix the UK’s pension system

High earners in City to face worst taxes, says KPMG

Senior executives working in the City will start paying more in personal tax and social security than their counterparts elsewhere when the Government’s 50 per cent income tax comes into play next month, according to research by KPMG

MPs express concern for staff morale at HMRC

Low morale and poor leadership is affecting performance at HM Revenue and Customs, a report by MPs has said

Card fraud falls as online banking becomes focus

Fraudsters are continuing their switch from traditional card fraud to raiding online bank accounts, according to new research

PwC says additional tax rises or spending cuts of around £20bn needed by 2013/14

Additional tax rises or spending cuts of around £20bn, over and above current plans, will be needed by 2013/14 to close the fiscal gap, according to PwC’s latest UK Economic Outlook report

KPMG warns that businesses risk carbon fines

Companies risk financial penalties if they fail to comply with new Carbon Reduction Commitment (CRC) legislation which comes into force on 1 April, KPMG has warned

HMRC sends out last warning over amnesty deadline

HMRC has sent out last chance reminder letters to those intending to pay their dues by taking advantage of the New Disclosure Opportunity

Recession could reverse progress in gender equality, says PwC

The economic downturn could reverse equality progress, with job insecurity breeding self-protection, presenteeism, and a tougher fight to the top for all, according to a survey by PricewaterhouseCoopers examining views on women in business

Japan in support of ‘fair value’ accounting

Japan will adopt the controversial IFRS 9 “fair value” international accounting standard for some of its companies, in a move which boosts the International Accounting Standards Board’s push for convergence to a single, global accounting system by the middle of next year

CBI calls for public finances to be balanced sooner

Business leaders are urging the Government to deliver a "convincing" plan for balancing public finances by 2016, two years earlier than planned. The CBI says the target could be achieved by public sector reform and lower overall spending

Deloitte boosts carbon practice

Deloitte has acquired carbon management services firm, dcarbon8

FRC consultation on UK Corporate Governance Code closes

As the Financial Reporting Council’s (FRC) consultation closes on the proposed changes to the remuneration section of the UK Corporate Governance Code, PricewaterhouseCoopers (PwC) says the proposals would be far reaching as non-financial services companies face new guidance on risk-adjusting executive reward

FSB uncovers ‘stealth tax’ on small businesses

The Federation of Small Businesses (FSB) says it has discovered that the flat rate VAT charged by HMRC to the smallest of businesses has risen to a higher level and it has urged the Government to review the issue in its Budget submission to the Chancellor

IASC Foundation publishes more guidance for SMEs on IFRS

The International Accounting Standards Committee (IASC) Foundation has published its the second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)

Standard Chartered reports record profits and dismisses reform ideas

Standard Chartered has reported record profits in 2009 and criticised some recent proposals to regulate banks

Tax dodgers to be named and shamed from 1 April

Tax cheats will be named and shamed by HM Revenue & Customs from 1 April, if they have dodged more than £25,000 of tax. The new policy was announced in last year's budget but the date from which it starts has now been decided

PwC second in best big companies survey

PricewaterhouseCoopers has earned second place in the Sunday Times 25 Best Big Companies to Work For list.

Permanent placements grew at fastest pace since July 2007

KPMG’s Report on Jobs, published with the Recruitment and Employment Confederation (REC) shows a stronger rise in permanent placements in February, but a slower increase in temporary/contract staff billings

Deloitte issues tax planning advice for ‘window of opportunity’

With just a few weeks of the current tax year left representing a brief window of opportunity for tax reliefs to be used, Deloitte says individual taxpayers should be considering whether there is any potential to use the basic reliefs available to them for income tax, capital gains tax and inheritance tax

Lord Ashcroft admits 'non-dom' tax status

Conservative donor and deputy chairman Lord Ashcroft has admitted he does not pay UK tax on earnings outside Britain. His statement ends years of questions from opponents about whether he was "non-domiciled" in the UK for tax

Real Madrid top football rich list for fifth year

Real Madrid have topped the league table of the world's richest football clubs for the fifth straight year, according to Deloitte's sport unit

Small businesses fail to grow because of complex tax rules

Research carried out by the Federation of Small Businesses (FSB) of over 1,600 small businesses has shown that 75 per cent of small businesses believe that they would be able to grow their business if the UK tax system was simplified

FDs at Standard Life and Scottish Water scoop awards

Standard Life’s David Nish and Douglas Millican of Scottish Water have been named as winners in the 2010 Bank of Scotland Finance Director of the Year awards, in the Corporate and Public Sector/Not for profit categories respectively

Female accountants paid 60 per cent less than men

Male accountants over 45 earn 60 per cent more than female counterparts, according to a study by recruiters Robert Half and the ICAEW

FRC gets top marks from government oversight body

The UK's financial reporting regulator has been praised for its "world class" approach. Better Regulation, the Department of Business's department which monitors and promotes regulatory reform, found the Financial Reporting Council was highly effective

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